Once made millions in profit with algorithmic trading news events, Formula News: CHEEMS's Binance rat trading is disrupting market sentiment.

The news aggregation platform 'Formula News' once automatically traded and made tens of millions of profits within two seconds after the announcement of the ACT listing on Binance at the beginning of the month. However, a similar strategy encountered a 50% slump in coin price when WHY and CHEEMS tokens were listed on Binance recently. In response, Formula News issued a 'non-news announcement,' accusing Binance's rat trading of disrupting market sentiment.

Formula news relies on algorithmic trading to generate over 100 million in revenue in one hour

According to reports, ACT had a market capitalization of only 20 million RMB before listing on Binance, but it increased tenfold within eight minutes of listing. At that time, an Address made a bold move by buying 320,000 RMB worth of ACT within two seconds of the listing announcement, and made a floating profit of over 3.2 million RMB within an hour. Later, Formula News admitted that this Address belonged to their team and they also stated that they were not involved in so-called Binance rat trading, as the English version of the Binance listing announcement was made earlier.

And it is said that this transaction was executed by their automated trading program. Later, the founder of Equation News, Vida, also tweeted about the listing strategy of the large exchange. He later wrote, 'To news traders, robot traders, arbitrageurs, market makers, and rebate farmers: if you don't work hard in such good market conditions, you will regret it for four years. Capitalize on the abundant liquidity, squeeze the dollar as much as possible. Long live the wealth transfer.'

CHEEMS listing on Binance experienced a 50% Slump, Formula News: Rat trading is disrupting the trading sentiment

However, compared to the great success of the previous news transaction, the next transaction of Formula News may not be so good. CHEEMS fell more than 57% shortly after being listed on Binance, and WHY also fell more than 29%.

The Formula News also posted a 'non-news announcement' on this equation: Regarding the insider traders of the Binance contract listing: please slowly sell your rat trading in the future. The crash you caused on WHY and CHEEMS resulted in a 100% negative return for every participant in the game, and you are destroying the sentiment of the trading.

Indeed, for many meme coins or altcoins, listing on exchanges may already be a common goal, or even a marketing tactic. The case of ACT also demonstrates the immense emotional impact and Liquidity brought by listing, but does listing necessarily mean making money? The cases of CHEEMS and WHY may lead to different conclusions, and perhaps we should consider why everyone is so focused on listings. Is listing the ultimate goal for a coin?

This article once made over 100 million in profits by trading news events with algorithms. Formula News: CHEEMS' Binance rat trading is disrupting market sentiment. It first appeared on ChainNews ABMedia.